Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The euro and sterling remain firmly under pressure, while USD/JPY is enjoying a strong rally.

Video poster image

EUR/USD in key support area

EUR/USD has dropped below the rising trendline that has held in place since last April. It is now into the key support area that has held around $1.22 since the beginning of February.

Below this, $1.1950 would be a possible area of support. A turn higher continues to target $1.24 and $1.2520.

GBP/USD holding despite drop

While the price for GBP/USD is dropping below $1.40, it does continue to hold the 50-day simple moving average (SMA) of $1.3989.

However, a fresh bounce from here would target $1.42 and then $1.4345. Further losses will test support at $1.3836, $1.3711 and then $1.3659.

USD/JPY in a strong rally

USD/JPY has enjoyed a strong rally, breaking above ¥107.30 for the first time since early March.

From here, ¥108.00 comes into view. A failure to hold above ¥107.32 would trigger a broader fall back towards ¥105.00.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Find articles by writer